Forte Capital LLC ADV Decreases Stock Position in American Tower Co. (NYSE:AMT)

Forte Capital LLC ADV reduced its position in American Tower Co. (NYSE:AMT) by 11.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,513 shares of the real estate investment trust’s stock after selling 446 shares during the period. Forte Capital LLC ADV’s holdings in American Tower were worth $644,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its stake in American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after buying an additional 2,152,646 shares during the last quarter. Adelante Capital Management LLC raised its stake in American Tower by 2,723.4% during the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after buying an additional 1,160,890 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in American Tower by 23,224.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after buying an additional 993,061 shares during the last quarter. State Street Corp raised its stake in American Tower by 3.1% during the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after buying an additional 635,726 shares during the last quarter. Finally, KBC Group NV raised its stake in American Tower by 270.4% during the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust’s stock valued at $108,553,000 after buying an additional 340,742 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

American Tower stock opened at $191.32 on Friday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The firm has a market capitalization of $89.40 billion, a P/E ratio of 80.73, a price-to-earnings-growth ratio of 1.27 and a beta of 0.84. The company’s 50-day moving average is $185.67 and its 200 day moving average is $207.64.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date was Friday, December 27th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Barclays cut their price objective on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. The Goldman Sachs Group cut their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.79.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.